MIRA
INFORM REPORT
|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNITECH LIMITED |
|
|
|
|
Registered Office : |
6, Community Centre, Saket, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
02.07.1979 |
|
|
|
|
Com. Reg. No.: |
009720 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74899DL1979PLC009720 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELU01155A DELU02234B DELU02655C DELU00630A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACU1480H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the Stock Exchange. |
|
|
|
|
Line of Business : |
Subject
is engaged in civil engineering construction and housing development
projects. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
|
|
|
|
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
Maximum Credit Limit : |
USD 320000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and a reputed company with satisfactory track. Directors of the
company are experienced and respectable businessman. Trade relations are
fair. Business is active. Payments are reported to be slow but correct. The company can
be considered good for normal business dealings under usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
6, Community Centre, Saket, |
|
Tel. No.: |
91-124-4082020
/ 4086677 / 2383536 / 4083355 / 91-11-26847331
/ 26857330 / 26965169 / 416604040 |
|
Fax No.: |
91-11-26857338 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
D-3, District Centre, |
|
Tel. No.: |
91-11-29562196 |
|
|
|
|
Corporate
Office : |
Unitech
House, L Block , |
|
Tel. No.: |
91-124-4125200 |
|
Fax No.: |
91-124-4125328/2383332 |
|
|
|
|
Branch Office
: |
|
|
Tel. No.: |
91-124-4082020 |
|
Fax No.: |
91-124-4083355 |
|
|
|
|
Branch Office
: |
Block
‘C’, 4th floor, |
|
Tel. No.: |
91-33
22892000, 23242000 |
|
Fax No.: |
91-33
23242009 |
|
E-Mail : |
|
|
|
|
|
Branch Office
: |
P-7, Sector
- 18, Noida – 201301, |
|
Tel. No.: |
91-120-2513609/3780/3776 |
|
Fax No.: |
91-120-4348906 |
|
|
|
|
Branch Office
: |
C1
and C2, Jyothi Complex, 134/ 1, Infantry Road, |
|
Tel. No.: |
91-80-22869451 |
|
Fax No.: |
91-80-22868247
|
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Ramesh Chandra |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Sanjay Chandra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ajay Chandra |
|
Designation : |
Managing Director |
|
Other Directorship : |
1. Unitech Amusement Parks Limited - Director 2. Bengal Unitech Universal Infrastructure Private Limited - Director 3. Kolkata International Convention Centre Limited - Director 4. Bengal Unitech Universal Siliguri Projects Limited - Director 5. Bengal Unitech Universal Townscape Limited - Director 6. Arihant Unitech Realty Projects Limited - Director 7. Unitech Hi-Tech Projects Private Limited - Director 8. Bengal Universal Consultants Private Limited - Director 9. Premiera Fashions Limited Director 10. Kshitij Investment Advisory Company Limited - Director 11. Fincap Portfolio Limited - Director 12. Ivory Securities Limited - Director 13. Unitech Vizag Projects Limited - Director 14. Unitech Hyderabad Township Limited - Director 15. International Recreation Parks (Private) Limited - Director 16. Unitech Valdel Valmark Private Limited - Director 17. Mayfair Capital Private Limited Director 18. Unitech Realty Investors ( 19. CIG Properties Private Limited - Director 20. CIG Housing Private Limited - Director 21. Sungrace Products ( 22. New Kolkata International Developments Private Limited - Director 23. New Kolkata SEZ Private Limited - Director 24. PCR Chemicals Private Limited - Director |
|
|
|
|
Name : |
Mr. A S Johar |
|
Designation : |
Whole time Director |
|
|
|
|
Name : |
Ms. Minoti Bahri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G R Ambwani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P K Mohanty |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anil Harish |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Bahadur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravinder Singhania |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. Ravi Aiyar |
|
Designation : |
Executive Vice President and Company
Secretary |
|
|
|
|
Name : |
Mr. Deepak Jain |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. H D Sharma |
|
Designation : |
President |
|
|
|
|
Name : |
Col. K Prakash |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. M K Agrawal |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Mr. S Ravi Aiyar |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Mr. Sameer Bahri |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Mr. S S Bhowmick |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Mr. R B Jhalani |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Dr. P K Magu |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Mr. S.K. Mahajan |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Mr. V K Chadha |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Mr. R S Sharda |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Mr. R K Sharma |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Mr. Manjo Popli |
|
Designation : |
Chief Financial
Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
88,507,040 |
3.38 |
|
|
1,178,496,028 |
45.04 |
|
|
1,267,003,068 |
48.43 |
|
|
|
|
|
|
|
|
|
|
3,822,000 |
0.15 |
|
|
3,822,000 |
0.15 |
|
Total
shareholding of Promoter and Promoter Group (A) |
1,270,825,068 |
48.57 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
792,885 |
0.03 |
|
|
5,504,377 |
0.21 |
|
|
43,927,676 |
1.68 |
|
|
895,828,919 |
34.24 |
|
|
946,053,857 |
36.16 |
|
|
|
|
|
|
|
|
|
|
151,334,079 |
5.78 |
|
|
|
|
|
|
217,330,352 |
8.31 |
|
|
15,344,734 |
0.59 |
|
|
15,412,957 |
0.59 |
|
|
11 |
- |
|
|
48,345 |
- |
|
|
7,767,724 |
0.30 |
|
|
7,596,877 |
0.29 |
|
|
399,422,122 |
15.27 |
|
|
|
|
|
Total
Public shareholding (B) |
1,345,475,979 |
51.43 |
|
|
|
|
|
Total
(A)+(B) |
2,616,301,047 |
100.00 |
|
|
|
|
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
|
|
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
2,616,301,047 |
100.00 |
%2018-Feb-2013_files/image002.gif){kind=small}
(1) Indian%2018-Feb-2013_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%2018-Feb-2013_files/image004.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs. 0.100 million
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in civil engineering construction and housing development
projects. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1133
(Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Secured Loans :
Unsecured Loans
:
*Maximum
amount of commercial paper outstanding during the year Rs. 550.000 millions
(Rs.14000.000 millions) **For
unsecured loans from Banks includes Rs.900.000 millions (Rs.250.000 millions)
against which personal guarantees have been furnished by the Chairman and
both the Managing Directors |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Goel Garg and
Company Chartered
Accountants |
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
Wholly owned
Subsidiaries:
Other Subsidiaries :
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000000 |
Equity shares |
Rs.2/- each |
Rs. 8000.000 millions |
|
200000000 |
|
Rs. 10/- each |
Rs. 2000.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 10000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2438801047 |
Equity shares |
Rs.2/- each |
Rs. 4877.602 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4877.602 |
3246.750 |
3246.750 |
|
|
2] Equity Share Warrant |
2252.031 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
74154.662 |
25348.880 |
18191.436 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
81284.295 |
28595.63 |
21438.186 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30042.687 |
50277.559 |
46031.852 |
|
|
2] Unsecured Loans |
10160.221 |
17479.766 |
26130.023 |
|
|
TOTAL BORROWING |
40202.908 |
67757.325 |
72161.875 |
|
|
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
0.686 |
19.362 |
14.549 |
|
|
DEFERRED TAX
LIABILITIES- Against Land |
9032.679 |
9032.679 |
9032.679 |
|
|
|
|
|
|
|
|
TOTAL |
130520.568 |
105404.996 |
102647.289 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1070.660 |
1078.439 |
960.824 |
|
|
Capital work-in-progress |
592.413 |
453.449 |
46.465 |
|
|
|
|
|
|
|
|
INVESTMENT |
16541.469 |
16202.323 |
13979.895 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
57.431 |
104.816 |
136.588 |
|
|
Sundry Debtors |
10077.404 |
7930.035 |
7397.448 |
|
|
Cash & Bank Balances |
2094.309 |
1031.547 |
3711.808 |
|
|
Other Current Assets |
115599.114 |
106844.565 |
92303.725 |
|
|
Loans & Advances |
54696.054 |
37807.274 |
54706.216 |
|
Total
Current Assets |
182524.312
|
153718.237
|
158255.785 |
|
|
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8985.611 |
16250.140 |
6942.688 |
|
|
Current Liabilities |
59922.003 |
49458.513 |
56162.694 |
|
|
Provisions |
1300.672 |
338.799
|
7490.298 |
|
Total
Current Liabilities |
70208.286
|
66047.452
|
70595.680
|
|
|
Net Current Assets |
112316.026 |
87670.785 |
87660.105 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
130520.568 |
105404.996 |
102647.289 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales, Real Estate Receipts and Other Income |
22217.146 |
24549.129 |
29697.251 |
|
|
|
Closing Stock |
57.431 |
104.816 |
136.588 |
|
|
|
TOTAL (A) |
22274.577 |
24653.945 |
29833.839 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Opening Stock |
104.816 |
136.587 |
327.679 |
|
|
|
Job and Construction Expenses |
1142.305 |
938.128 |
1961.351 |
|
|
|
Receipts of Real Estate Projects Adjusted |
184.918 |
366.093 |
569.132 |
|
|
|
Expenses of Real Estate Completed Projects |
310.048 |
675.781 |
343.817 |
|
|
|
Expenses of Percentage of Completion Method |
8463.133 |
4197.292 |
7526.779 |
|
|
|
Administrative Expenses |
1401.990 |
1820.073 |
1779.852 |
|
|
|
TOTAL (B) |
11607.210 |
8133.954 |
12508.610 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10667.367 |
16519.991 |
17325.229 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3453.536 |
6853.163 |
3584.358 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7213.831 |
9666.828 |
13740.871 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.478 |
100.382 |
85.789 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7154.353 |
9566.446 |
13655.082 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1711.324 |
2169.813 |
3348.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
5443.029 |
7396.633 |
10306.766 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15367.743 |
13940.299 |
|
|
|
|
|
|
|
|
|
|
Less |
TAXES
PAID FOR EARLIER YEARS (NET OF PROVISION) |
188.296 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
Add |
FOREIGN
PROJECT RESERVE WRITTEN BACK |
5.000 |
20.000 |
|
|
|
|
|
|
|
|
|
|
Add |
DEBENTURE
REDEMPTION RESERVE WRITTEN BACK |
6400.000 |
1250.000 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
600.000 |
|
|
|
|
Proposed Dividend |
487.760 |
204.444 |
|
|
|
|
Tax on Dividend |
81.011 |
34.745 |
NA |
|
|
|
Transfer to debenture redemption reserve |
8110.000 |
6400.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
18348.705 |
15367.743 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.39 |
4.56 |
6.35 |
|
%2018-Feb-2013_files/image005.gif){kind=small}
%2018-Feb-2013_files/image006.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 1st Quarter |
30.09.2010 2nd Quarter |
31.12.2010 3rd Quarter |
|
Net Sales |
6188.800 |
4262.400 |
3880.700 |
|
Total Expenditure |
3633.600 |
2576.800 |
1924.300 |
|
PBIDT (Excl OI) |
2555.200 |
1685.600 |
1956.400 |
|
Other Income |
781.600 |
952.700 |
870.800 |
|
Operating Profit |
3336.800 |
2638.300 |
2827.200 |
|
Interest |
793.700 |
889.100 |
773.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
2543.100 |
1749.200 |
2053.600 |
|
Depreciation |
16.400 |
16.600 |
17.000 |
|
Profit Before Tax |
2526.700 |
1732.600 |
2036.600 |
|
Tax |
749.700 |
445.800 |
647.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1777.000 |
1286.800 |
1388.700 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1777.000 |
1286.800 |
1388.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
24.44
|
30.00 |
34.55
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
32.20
|
38.97 |
45.98
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.90
|
6.18 |
7.88
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.33 |
0.64
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.36
|
4.68 |
3.63
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
2.33 |
2.24 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
FINANCIAL
HIGHLIGHTS AND OPERATIONS
The total income of the Company for the year
is Rs. 22217.14 million. The real estate division contributed Rs.
16148.22 million in the revenues of the Company for the year, whereas the
construction division put in Rs.1359.37 million. The revenues from consultancy
for the year were Rs 953.30 million.
On consolidated basis, the total income of
the Company and its subsidiaries stands at Rs. 30152.87 million. The
consolidated profit before tax (PBT) stood at Rs.9210.24 million. The
consolidated profit after tax (PAT) stood at Rs. 6946.44 million. The earning
per share (EPS) stands at Rs.2.97 (Basic) and Rs.2.91 (Diluted) considering the
total equity capital of Rs.4877.60 million as on 31.03.2010.
KEY HIGHLIGHTS OF THE BUSINESS AND OPERATIONS
Some of the key highlights pertaining to the business of the Company,
including its subsidiaries and joint venture companies, for the financial year
2009-10 and period subsequent thereto are given hereunder:
• Fund Raising: During the last financial year the Company
successfully raised nearly Rs.44000.000 Millions through two (02) rounds of
Qualified Institutional Placement (QIP) - around USD 325 million (Rs. 16210.000
Millions) in April 2009 and USD 575 million (Rs.27893.200 Millions) in July
2009. The said funds aided the Company in reducing its debt by almost
Rs.30000.000 Millions and further reinforced the confidence and trust the
investors place in the Company.
• Unitech Wireless: Wireless Companies having pan-India licenses
for providing unified access services (“UASL”), successfully launched services
across 8 circles viz. Andhra Pradesh, Bihar, Karnataka, Kerala, Orissa,
Tamilnadu (including Chennai), Uttar Pradesh (East) and Uttar Pradesh (West),
in December 2009 under the brand name ‘Uninor’. The total number of subscribers
in Unitech Wireless Companies as on 31.03.2010 were 4.2 million. Further, during
the year , Telenor Asia Pte Limited Singapore (“Telenor”) increased its stake
in Unitech Wireless Companies from initial 33.5% to 67.25% by investing a
further sum of INR 48.85 billion, in the form of fresh equity shares, in
addition to INR 12.50 billion invested last year.
It is proposed to amalgamate Unitech Wireless (Delhi) Private Limited,
Unitech Wireless (East) Private Limited, Unitech Wireless (West) Private
Limited, Unitech Wireless (North) Private Limited, Unitech Wireless (South)
Private Limited, Unitech Wireless (Kolkata) Private Limited, Unitech Wireless
(Mumbai) Private Limited and Unitech Long Distance Communication Services
Private Limited with Unitech Wireless (Tamilnadu) Private Limited so as to
combine the resources, maximize synergies, reduce costs, enableb focused
management and create a single entity of Unitech Wireless Companies. The
amalgamation is expected to increase the financial strength of the Unitech
Wireless Companies by creating a healthy combined Balance Sheet.
• Operational Performance: The Company’s strategy to focus on the
affordable housing segment has paid rich dividends. During the year the Company
launched several affordable housing projects across the country including six
(06) ‘Unihomes’ projects. The year also marked the launch of projects in new
cities such as
The Company recorded the highest ever real estate sales during the last
financial year. The Company has sold a total area of around 16.6* million sq.
ft. and the value of sales booked is more than Rs. 70000.000* Millions of which
around 82% is from residential segment and 18% is from nonresidential segment.
• Infrastructure business: With the aim of increasing the focus
on Company’s infrastructure businesses and exploiting the growth opportunities
in these businesses by leveraging its over 30 years experience and expertise in
executing infrastructure projects, the Company’s Board approved the demerger of
the Company’s infrastructure undertaking (the business including all assets and
liabilities pertaining to such businesses) into a separate entity, Unitech
Infra Limited, subject to requisite approvals and statutory compliances.
Apart from increased focus, this move is also expected to provide
significant financing flexibility for the infrastructure projects in terms of
access to various pool of funds and availability of longer term and cheaper
financing as compared to real estate projects.
Unitech has a diversified portfolio of infrastructure businesses. These
include construction of highways, manufacturing, erection and commissioning of
power and telecom transmission towers, development of SEZs, hotels, industrial
parks, logistics parks, amusement parks, townships and facilities management
services and telecom services.
Further, post demerger, Subject shall hold 35% (approx. 1408.7 million
equity shares of Rs. 2/- each) of issued and paid-up capital of Unitech Infra
Limited and be its largest shareholder thus reaffirming Unitech’s commitment to
the infrastructure businesses. The existing shareholders of Subject shall hold
the remaining 65% of the equity share capital. Unitech Infra Limited. proposed
to be listed on both NSE and BSE.
• Focus on Execution/
The Company during the year took various initiatives to enhance
its project execution capabilities. Several ideas were generated
internally to reduce the construction time. Teams from the Company
also visited
The Company has already started implementing some of these ideas in few
of its projects on a pilot basis and plans to gradually extend to other
projects. The Company expects an 25% reduction in construction time in the
first phase of implementation. This, apart from enhancing execution
capabilities, will also generate goodwill amongst customers and improve
internal rate of return of the projects.
More details about the business and operations of the Company are
provided in the Report on Management Discussion and Analysis forming part of
the Annual Report.
* not adjusted for the share of JV/JDA
partners
SUBSIDIARIES
There are 335 subsidiary companies as on 31.03.2010. The
financial details of the subsidiary companies as well as the extent of
holdings therein are provided in a separate section of the Annual
Report.
SUBSIDIARY
COMPANIES' ACCOUNTS
The Company has applied to the Central Government under section 212(8) of the
Companies Act, 1956, seeking an exemption from attaching a copy of the Balance
Sheet, Profit and Loss Account, Directors’ Report and Auditors’ Report of the
subsidiary companies and other documents required to be attached under section
212(1) of the Act to the Balance Sheet of the Company. These documents will be
made available upon request by any member of the Company interested in
obtaining the same and will also be kept for inspection at the registered
office of the Company and that of subsidiary companies concerned. However, as
directed by the Central Government, the financial data of the subsidiaries has
been furnished along with the statement pursuant to Section 212 of the
Companies Act, 1956 forming part of the Annual Report.
CHANGES IN CAPITAL
STRUCTURE
Authorised Share Capital
The authorised share capital of the Company is Rs.10000 million divided
into 4000000000 equity shares (4,000 million) of Rs.2/- each and 200 million
preference shares of Rs. 10/- each.
Issued and Paid-up Share Capital
On 22.04.2009, the Company allotted 421064935 equity shares of Rs.2/-
each at a premium of Rs. 36.50 per shares on private placement basis to Qualified
Institutional Buyers (QIBs) in terms of Chapter XIIIA of the erstwhile
Securities and Exchange Board of India (Disclosure and Investor Protection)
Guidelines, 2000.
Thereafter, on 03.07.2009, the Company allotted 344361112 equity shares
of Rs.2/- each at a premium of Rs. 79.00 per shares on private placement basis
to Qualified Institutional Buyers (QIBs) in terms of Chapter XIIIA of the
erstwhile Securities and Exchange Board of India (Disclosure and Investor
Protection) Guidelines, 2000.
Further, pursuant to the special resolution passed in the EGM held on
16.06.2009, the Company has allotted 227500000 warrants, convertible into equal
number of equity shares of Rs. 2/- each at a premium of Rs. 48.75 per share to
Harsil Projects Private Limited, a promoter group Company on 09.06.2009.
Out of the aforesaid warrants, 50000000 warrants were converted into
equal number of equity shares of the Company of face value of Rs. 2/- each at a
price of Rs. 50.75 per equity shares (including a premium of Rs. 48.75 per
equity shares) , and consequently 50000000 shares allotted to Harsil Projects
Private Limited. Accordingly after the above said allotments, the issued and
paid-up share capital of the Company stood at Rs. 4877.602 millions comprising
of 2438801047 equity shares of Rs. 2/- each as at 31st March 2010.
MANAGEMENT
DISCUSSION AND ANALYSIS
Subject (also referred to as ‘Unitech’ or ‘the
Company’) is one of
Inception: Started as a soil testing consultancy firm by four civil engineers with
limited capital but strong domain knowledge, the Company subsequently expanded
into civil construction activities and other infrastructure related sectors.
Development into a major player across infra sectors: Established
itself as a recognised player in civil construction through projects in
Unprecedented growth in real estate:
Focused on real estate development, it leveraged market opportunities to
emerge as a leading player in the real estate industry in
The Crisis of 2008-09: The global turmoil caused by the ‘sub-prime’ crisis
squeezed liquidity out of the international financial system. In this
environment, Unitech, which had aggressively invested in developing a primarily
debt-financed land bank, too was exposed to higher refinancing risk. In
addition, with negative investor sentiments, the real estate market took a hit
across the globe including
Stabilisation: Faced with this adversity, Unitech had to
recalibrate its business strategy. The focus was on rapidly improving cash
flows and deleveraging. The Company had developed a large low cost land bank.
This had to be monetized through efficient and fast conceptualization and
delivery of projects. In addition, the Company decided to sell its non-core
assets. On the financial restructuring front, the goal was to infuse equity
into the system and reduce exposure to debt. During the second half of 2008-09
and much of 2009-10, the Company focused on executing these objectives and
strengthening its fundamentals. Having succeeded in this endeavour, the Company
is now poised to bring greater focus on its different businesses and ride the
next wave of growth.
BUSINESS ENVIRONMENT
In line with the global economic slowdown,
Clearly, overall economic conditions have a strong bearing on the real
estate and construction business. In line with economic developments, the
construction sector also witnessed a major slowdown since September 2008. Chart
B shows that the construction industry remained subdued till the end of Q2,
2009-10. After which, with renewed confidence in the economy and a government
impetus on infrastructure developments, there has been a significant revival in
construction activities in
of 4.6% in Q1, 2009-10 to 8.7% in Q4, 2009-10.
In the first half of 2009-10, real estate demand emanated primarily from
the low cost affordable housing segment. This segment already had pent-up
demand and supply side shortages. In addition, banks and home finance companies
also provided stimulus to this segment by providing lower cost finance. During
this period, demand in the higher end residential and commercial real estate
continued to be subdued. As the year progressed, and in line with the economic
revival discussed above, there was a resurgence of demand in these segments as
well. While initially, much of the revival was in the metro cities, gradually
there has also been demand growth in some smaller cities. With some demand
revival, rental rates of commercial real estate have stabilised. However, given
the high vacancy rates, commercial rentals are not expected to increase in the
near future. In this environment, the Company delivered creditable results
while focusing on its long term strategic objectives.
FINANCIAL REVIEW
• The Company’s income from operations increased by 1.44% to Rs.
29310.000 Millions in 2009-10. This, accompanied by some increase in income
from sale of investments, resulted in a 2.16% growth in total revenues – from
Rs. 28940.000 Millions in 2008-09 to Rs. 29570.000 Millions in 2009- 10. Real
estate and construction companies like Unitech follow ‘Percentage of Completion
Method’ of accounting as per which revenues and costs are accounted for in
proportion to the percentage of work done in completing a project subject to
reaching a minimum threshold percentage. Consequently, revenue recognition of a
project happens over a period of time. As one progressed through 2009-10,
revenues started to grow significantly in line with the rapid increase in the
construction activity. However, there was not much effect of the record new
project sales achieved in 2009-10, on the revenue for the year, as much of the
revenue from these projects will be recognized in the coming years as they get
executed. The profit before interest and tax (PBIT), excluding other income,
measures the operating profits of the Company. Unitech’s operating profit
decreased by 32.43% to Rs. 10630.000 Millions in 2009-10. This
warrants further explanation. The operating margin (PBIT/Total Revenues)
decreased from 54.33% in 2008-09 to 35.93% in 2009-10. This is due to an
increase in input costs and the timing issue of revenue and cost recognition as
per the ‘percentage of completion’ method of accounting.
• Within operations, on the positive side total employee costs reduced
by 11.11% to Rs.990.000 Millions. And, its ratio to total revenues decreased
from 3.86% in 2008-09 to 3.36% in 2009- 10. Clearly, the effort at improving
manpower efficiencies has started bearing some fruit.
• Given the major reductions in debt, interest expenses booked reduced
significantly by 63.94% from Rs.5550.000 Millions in 2008-09 to Rs.2000.000
Millions in 2009-10.
• Profit after tax (PAT) after accounting for minority interest, profit
or loss of associates and prior period
adjustments was Rs.6750.000 Millions in 2009-10. And, basic earnings per
share (EPS) was Rs.2.97, while diluted EPS was Rs.2.91
• The Board of Directors have recommended a dividend of Re.0.20 per
equity share of face value of Rs. 2 each for 2009-10, subject to approval of the
shareholders of the Company in the ensuing Annual General Meeting
SEGMENT PERFORMANCE
As of 31.03.2010, Subject operated through the following broad business
segments:
Real Estate: The Company has around 7,500 acres of
geographically diversified and low cost land bank. Its real estate portfolio
spreads across different real estate segments including residential, retail,
entertainment, hospitality, commercial and SEZs. Unitech is one of the few
developers in
Real Estate revenues increased by 0.58% from Rs.24160.000 Millions in
2008-09 to Rs.24300.000 Millions in 2009-10. PBIT (before un-allocable
overheads) reduced by 38.24% from Rs.16140.000 Millions in 2008-09 to
Rs.9970.000 Millions in 2009-10.
Construction: The Company‘s construction business has a proven
track record in civil construction and infrastructure projects. The
construction business includes operations in integrated engineering,
procurement and services for civil construction and infrastructure projects.
Construction revenues increased by 37.11% from Rs.1020.000 Millions in
2008-09 to Rs.1390.000 Millions in 2009-10. PBIT (before un-allocable
overheads) increased by 192.68% from Rs.100.000 Millions in 2008-09 to
Rs.290.000 Millions in 2009-10.
Transmission tower revenues increased by 1.30% from Rs. 950.000 Millions
in 2008-09 to Rs.960.000 Millions in 2009-10. PBIT (before unallocable
overheads) increased to Rs. 70.000 Millions in 2009-10 from a marginal loss
(before un-allocable overheads) of Rs. 10.000 Million in 2008-09.
Consultancy Services: This includes investment management and project
management services. Consultancy services revenues increased by 8.62% from
Rs.1160.000 Millions in 2008-09 to Rs.1260.000 Millions in 2009-10. PBIT
(before un-allocable overheads) increased by 10.79% from Rs.1140.000 Millions
in 2008-09 to Rs.1260.000 Millions in 2009-10
Property Management: The Company provides property management services
through its property management subsidiary, Unitech Property Management Private
Limited (UPMPL). UPMPL outsources most of these operations to qualified and
experienced vendors, although it takes responsibility for developing standard
operating procedures, maintenance schedules and addressing complaints. The fees
are typically on a cost-plus basis. UPMPL is ISO 9001:2000 certified, which is
an international quality standard that appeals to multi-national clients who
expect superior quality standards. It currently manages facilities of over 10.3
million square feet.
Hospitality: This includes operation and maintenance of clubs,
which are a part of Unitech’s townships. Hospitality revenues decreased by
9.50% to Rs. 110.000 Millions in 2009-10. The business incurred a marginal loss
(before un-allocable overheads) of Rs. 10.000 Million in 2009-10.
Investee Company: In addition to the businesses discussed above,
Unitech also has a 32.75% economic interest in a telecom joint venture with
Telenor, a global telecom major. Telenor is managing this business on a
day-to-day basis, drawing on Unitech’s strengths from time to time especially
in dealing with financial institutions and local market issues. During the
course of 2009-10, Telenor completed its investment of Rs.6,135 Millions into
the business and increased its stake to 67.25%. The telecom venture started
offering mobile telephony services under the ‘Uninor’ brand in December 2009.
Uninor has brought in innovation in both product pricing (e.g., dynamic
pricing) and distribution (e.g., 24 hour settlement cycle with retailers). The
response from the market has been good and within a shortperiod, it has
acquired a subscriber base of over 5 million subscribers. Today it is offering
services in 13 out of 22 circles that cover over 70% of the country’s
population and will be expanding its services to the remaining circles in due
course. The Company is headquartered in Gurgaon and employs over 2500 direct
employees currently.
With this performance, Unitech has emerged stronger from the ‘crisis’
and is today poised to leverage its capabilities, relationships and expertise
to foster another round of growth. The Company is now operating in several
related businesses, which individually have tremendous potential for value
creation. Consequently, each individual business needs to now look at growth
opportunities in a focused manner through independent management and strategy.
This warranted a restructuring of the Company’s businesses.
BUSINESS OPERATIONS
Given the proposed demerger, let them analyse the business operations in
2009- 10 in terms of two large business
portfolios:
• Real estate business
• Infrastructure business
REAL ESTATE BUSINESS
Given the strategic imperatives discussed above, the real estate
business focused on two clear goals. First, was to aggressively launch, sell
and develop new projects to rapidly monetise the existing land bank. Second,
was to enhance execution capabilities in terms of increasing capacity and
reducing construction time as well as cost.
And, on both fronts, there were significant developments during 2009-10.
The Company launched over 30 projects during 2009-10. Further, during
the year, the Company expanded its product portfolio to include affordable
housing targeted at mid-income to lower middle income segments. A new brand
‘Unihomes’ was launched during the year to distinguish its product in the affordable
housing range. The year also marked launch of projects in new markets such as
Chennai, Bhopal etc.
During 2009-10, in total 26.3 million square feet of space was launched
in new projects. The data of new launches. It is evident that Unitech has started
aggressively launching projects in new geographies by utilising the diversified
land bank that it had created over the past few years. Around 30% of the new
project launches are in areas like Chennai, Mohali and other cities, which are
outside its traditional base in National Capital Region (NCR) and Kolkata. And,
within this, 39% is in smaller cities like
In 2009-10, Unitech’s strategy to focus on affordable housing clearly
yielded positive results. The Company received sales bookings for 16.6 million
square feet in 2009-10. The total value of these bookings was Rs.70330.000
Millions. This is the largest annual sales, both in terms of area and value, in
the history of Unitech. It is particularly encouraging to note the positive
response that the Company’s projects received in new cities such as Chennai and
With 81% share in total area sold, the focus in the real estate business
has been on the residential segment. In terms of average sales realisation, it was
Rs. 3,677 per square feet for the residential segment and Rs. 6,708 per square
feet for the non-residential segment. Average sales realisations improved
during the second half of the year due to increase in the overall market prices
and also due to the pick-up in demand for higher-end residential property. With
the average realisation being higher, the share of the non-residential segment
in value terms is higher at 29% compared to 19% in terms of area sold. Chart D
and Chart E gives the data for the relative shares of residential and
non-residential property sold in terms of area and value.
On project execution and delivery, too, Unitech substantially enhanced
its activities in 2009-10. The number of workers employed at Unitech’s
construction sites increased nearly six fold from about 3,500 in beginning of
Apr’09 to about 21,000 by end Mar’10. Chart F shows the rapid pace in which
this deployment has been carried out over 2009-10.
Of the 22.4 million square feet of past projects spread across primarily
NCR and Kolkata, 6.8 million square feet of area was delivered by 31.03.2010.
As of 31.03.2010, Unitech had 31 past projects, which are in the
execution phase.
• 48% of these projects comprising 10.8 million square feet were in the
finishing or handover stage. These include the following projects – The Close
(South), The Close (North), World Spa (East), World Spa (West), Espace, Fresco,
Nirvana Courtyard in Gurgaon; Horizon in Greater Noida; Gardens, Horizons in
Kolkata;
• 33% comprising 7.3 million square feet have their structures
completed, while internal work is in progress. These include the following
projects - Escape, Harmony, Business Zone,
• 15% comprising 3.4 million square feet have piling and structure work
in progress. These include the following
projects - UniWorld Resorts in Gurgaon; Air, Harmony, Cascades,
Gateway-I in Kolkata; Executive Floors in Mohali; Grande in Noida
• 4% comprising 0.9 million square feet are in the pre construction
stage.These include plotted developments in Mohali and NCR
In addition, construction or pre-construction work has commenced in 99%
of the 37 recently launched projects. The structural work is in progress in
projects constituting 33% of the area to be delivered; piling work is in
progress for 24%; while pre construction activities are on for 41%. The massive
number of new projects and focus on accelerated delivery has resulted in
simultaneous execution of around 68 projects. This has thrown up a new level of
challenge for the Company. And, the Company is focused on meeting this
challenge.
INFRASTRUCTURE BUSINESS
The non-real estate business has been reclassified under the following
broad categories in the infrastructure space:
Infrastructure: This comprises the general construction business
and the transmission towers business. In addition, the Company will pursue BOT
opportunities in the highways, housing and power transmission sectors.
In the general construction business, Unitech has expertise across real
estate projects including townships, residential complexes, corporate offices,
shopping centres and hospitality projects. It has a proven track record in
building industrial civil structures and in transportation projects, such as
highways, flyovers and bridges. The Company pioneered the introduction of
high-strength steel and ready-mix concrete in the industry. It has experience
of more than three decades, having constructed various projects including
Haryana, Kakinada-Rajnagar Highway in Andhra Pradesh, Faizabad-Sultanpur
State Highway in UP, Hubli Dharwad Bypass in Karnataka. With this expertise
across the value chain from design to execution and with renewed focus, Unitech
Infra aims to be a leading general contractor. Unitech Infra is expected to
have a construction order book of Rs. 22000.000 Millions based on a LoI from
Unitech. It also targets expanding relations with existing clients both in the
government and the private sector.
The BOT business is new for the Company. Backed by strong expertise and
financial strength, Unitech Infra will initially focus on roads, housing and
power transmission sectors.
The Company is in the business of design, manufacturing and erection of
transmission towers primarily for the power sector, through its subsidiary
Unitech Power Transmission Limited (UPTL). Not only does this Company address
the Indian market but also caters to the growing African market with a
significant presence in
The Company offers a suite of services in this space, which include site
survey, soil investigation, access roads, foundations, tower design, tower
testing, mobilization of manpower and equipment, testing and commissioning.
Over the last few years, the business has maintained a steady stream of income
from its existing client base. Going forward, Unitech Infra intends to further
enhance the scope of this business by forward integration into BOT
contracts for transmission tower projects as a developer.
Development: This comprises development of SEZs and IT parks,
hospitality projects, amusement parks, logistics parks and industrial parks.
The aim is to develop these projects for future monetisation.
The Company has 40% ownership of 4 IT / ITES SEZ and 1 IT Park and 36%
ownership in another IT/ITES SEZ. These projects are located in prime strategic
locations in Gurgaon, Noida, Greater Noida and Kolkata. Unitech Corporate Parks
Plc.(UCP), a special purpose vehicle created to invest in commercial property
assets in
•
• The
Phase1: This includes the amusement park –
Phase 2: This includes a mini water park, monorail, climbing wall and
amphitheatre. This phase is under implementation and is expected to be
completed in 2010- 11. In addition, there is a second part of phase 2, which
involves an expansion of the amusement park including a full scale water park,
which is expected to be operational in 2012-13. Unitech Infra would hold 50% in
the SPV developing the
In addition to these two projects, the Company has also signed a
development agreement with the Chandigarh Administration for developing an
amusement and theme park on about 74 acres of land in
The Company is also developing a logistics park. Situated along the Kona
highway, covering a total land area of 73 acres,
Unitech has proven development experience in industrial parks having
developed Infocity, an industrial park in Gurgaon. It is developing an
Industrial Park spread over 315 acres at Tehsil Farukhnagar near IMT Manesar
off the KMP Express Highway. Unitech Infra will hold 50% in this SPV. Another
Industrial Park spread over 86 acres off KMP Express Highway is also in the
early stage of development. The Industrial Parks will have ancillary facilities
including group housing, social and economic infrastructure.
Infrastructure Services: This includes property management services
and township management services.
The Company provides property management services through its
subsidiary, Unitech Property Management Private Limited (UPMPL). The services
provided include various maintenance and management services like power
distribution, backup power generation, central air conditioning, water supply,
drainage pumping, janitorial services, security services, parking management,
pest control, fire detection and solid waste disposal and management. The area
under management has increased steadily over the last 4 years (see chart G).
Some of the key assets under management include
The Company has been managing the townships developed by it over the
years. Given this expertise, Unitech Infra apart from managing current and
future townships of Unitech will also pursue opportunities in municipal
facilities management projects that are likely to be undertaken under Public
Private Partnership route. Unitech Infra also intends to foray into power
generation for captive usage for the townships managed by it.
UNAUDITED FINANCIAL
RESULTS (Consolidated) FOR THE QUARTER ENDED 31.12.2010
|
Particulars |
31.12.2010 Quarter Ended |
31.12.2010 Nine Months Ended |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
6597.900 |
21328.700 |
|
b) Other Operating Income |
0.000 |
0.000 |
|
Total Operating Income |
6597.900 |
21328.700 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(103.100) |
(117.300) |
|
(b) Real estate, Construction and Other expenditure |
4320.900 |
13045.000 |
|
(c) Employees Cost |
292.600 |
847.700 |
|
(d) Depreciation |
75.400 |
251.500 |
|
Total Expenditure |
4585.800 |
14026.900 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
2012.100 |
7301.800 |
|
Other Income |
181.000 |
635.100 |
|
Profit/(Loss) before Interest and Exceptional items |
2193.100 |
7936.900 |
|
Interest |
340.200 |
1119.600 |
|
Profit / (Loss) after interest before Exceptional items |
1852.900 |
6817.300 |
|
Exceptional Items |
0.000 |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
1852.900 |
6817.300 |
|
Provision for Taxation |
|
|
|
- Current |
756.900 |
2146.300 |
|
- Deferred |
(17.300) |
(8.500) |
|
Net Profit/(Loss) From Ordinary activities after Tax |
1113.300 |
4679.500 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
1113.300 |
4679.500 |
|
Minority Interest |
(7.100) |
(15.300) |
|
Profit / Loss of Associates |
3.800 |
(16.900) |
|
Prior Period Adjustments |
3.800 |
4.300 |
|
Net Profit for the Period |
1113.600 |
4651.600 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
5232.600 |
5232.600 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
Earning Per Share |
|
|
|
-Basic (Before and after extraordinary items) |
0.43 |
1.86 |
|
-Diluted (Before and after extraordinary items) |
0.43 |
1.86 |
|
Public Share Holding |
|
|
|
- Number of Shares |
1345475979 |
1345475979 |
|
- Percentage of shareholding |
51.43 |
51.43 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
868996366 |
868996366 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
68.38 |
68.38 |
|
- Percentage of shares(as a % of the total share capital of the company) |
33.21 |
33.21 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
401828702 |
401828702 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
31.62 |
31.62 |
|
- Percentage of Share (as a % of the total share capital of the company) |
15.36 |
15.36 |
Notes :-
- Pursuant to
Clause 41 of the Listing Agreement, the Company has opted to publish only the
consolidated results. The said consolidated results present the results of
the business operations of the Company, its subsidiaries, joint ventures
and associates. Investors can view the standalone results of the Company
on its website (www.unitechgroup.com) or on the websites of Bombay Stock
Exchange Limited (www.bseindia.com) or National Stock Exchange of India
Limited (www.nseindia.com).
- The above
unaudited financial results and the unaudited Standalone result have been
reviewed by the Audit Committee and approved by the Board of Directors at
their respective meetings held on February 14, 2011. The Auditors of the
Company have carried out the Limited Review of the unaudited standalone
financial results of the Company for the quarter and nine months ended
December31, 2010.
- The above
consolidated results have been prepared in accordance with the principles
and procedures as set out in the Accounting Standard - 21 on ‘Consolidated
Financial Statements’, Accounting Standard - 27 on ‘Financial reporting of
interests in Joint Ventures’ and Accounting Standard - 23 on ‘Accounting
for Investments in Associates in Consolidated Financial Statements’ issued
by the Institute 01 Chartered Accountants of India.
- The
Outstanding payments in respect of sale of certain investments in Real
Estate Projects are being secured by mortgage/pledge 01 assets of
respective parties.
- Real estate,
Construction and other expenditure includes a loss of Rs.375.900 Millions
on account of sale of aircraft.
- The company
has implemented new software for Public Deposit Scheme, which is yet to be
stabilised and pending this company has considered adequate provision for
interest on estimated basis. The internal control in this regards are in
place & company does not envisage any material financial variation.
- The segment
results in consolidated financial results have been prepared in accordance
with the accounting principles laid down under Accounting Standard - 17 on
‘Segment Reporting’ Issued by the Institute of Chartered Accountants of
India.
- Details of
number of Investor complaints for the quarter ended December 31, 2010:
Pending at the beginning — Nil; Received —92; Disposed Off—92; Pending at
the end — Nil.
- Out of
227500000 Warrants (convertible into equal number of Equity Shares of face
value of Rs. 2). each at a premium of Rs. 48.75 per Equity Share) which
were issued and allotted on June 29, 2009, 98443219 Warrants were
converted into equal number of Equity Shares of Rs. 2/. each during the
quarter ended December 31, 2010. With the said conversion during quarter,
the entire Warrants stands converted into equity shares and the Company
has no warrants outstanding for conversion.
- A Scheme of
arrangement under Section 391-394 of the Companies Act, 1956 for the
amalgamation of two wholly owned subsidiaries of the Company i.e. Aditya
Properties Private Limited and Unitech Holdings Limited with the Company
and for the demerger of infrastructure undertaking (post-demerger) of
Unitech Limited into its wholly owned subsidiary viz. Unitech Infra
Limited, filed with Hon’ble High Court of Delhi is pending for its
approval.
- The figures
of previous periods have been re-grouped/re-arranged wherever considered
necessary for the purpose of comparison.
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Earth Moving
Equipments
- Furniture and
Fixtures
- Office
Equipments
- Room Coolers
and Air Conditioner
- Vehicles-Office
- Trucks and
Jeeps
- Computer
- Fixtures in
WEBSITE DETAILS:
LATEST:
Launch of
Iconic Towers - AQUA and TERA (part of the Unitech Grande)
Imagine living in masterpieces of Architecture, the tallest residential buildings
in NCR.A tribute to the men and women who outperform mere potential.
Launch of Uniworld City in Mohali (part of the Chandigarh Tricity.)
17th Jan'08
Surrounded by acres of greenery,
%2018-Feb-2013_files/image008.gif){kind=small}
Launch of
residential project Harmony at Uniworld City in Kolkata
16th Aug'07
An ensemble of impressive towers enclosing a breathtaking Central Park,
Harmony is located in southeast corner of
PRESS RELEASES:
Grande will be path breaking in several ways, with the most important
being the finest array of global talent that has come together for the first
time in
Unitech Grande will be
extremely well located; just a short ten-minute drive from
Each tower will have a range of apartments, including duplex and pent houses, overlooking the Greg Norman Signature Golf Course, in a supremely aesthetic and architecturally superior setting. Another first in Indian architecture, personal plunge pools in select apartments will add to the opulence of these towers. The size of the apartments will be between 2200 sq. ft. and 5500 sq. ft.
With over 100 acres of fascinating and diversified landscaping encompassing 12 theme gardens, the Unitech Grande will fulfill the desire of those who want to live in the most serene natural surroundings with all the modern and premium amenities at their fingertips. The host of on-site and nearby amenities in and around Unitech Grande will add to the unique point of appeal to the address.
The Signature Golf Course designed by world renowned Greg
Norman will form the focal point
of Grande. Besides the golf
course, Grande will boast of a Habitat Centre
comprising a 1000-seater convention centre, a 400-seater auditorium, several fully-equipped,
conference rooms, F and B outlets, multi-cuisine food courts, bowling alleys
and a library among other facilities. An integrated Sports Complex – a first of
its kind in India - including a
Gymnasium, Spa, Squash Courts, Indoor all weather swimming pool, Indoor jogging
track etc. has been planned to provide residents of India’s dream project myriad activities to give expression to
their various talents. Unitech Grande will also have various clubs and fitness centers comprising lounge
bars, cafeterias, theatres etc. and state of the art security features in
addition to innumerous other facilities that will position it as the ultimate expression of luxury in
The Grande will have all the amenities for an
unmatched lifestyle, including state-of-the-art healthcare facilities with a
full-fledged hospital and attached clinics, most modern education facilities
comprising international schools, Shopping complexes and Entertainment
facilities. With superior accessibility to the National Capital, through the
only Wi-Fi enabled express highway in
Speaking at the launch function, Mr. Sanjay Chandra, MD – Subject. said, “Unitech has always been committed to uncompromising quality and innovation. Grande redefines prestige, opulence, pride and a modern and ultra luxurious lifestyle that one can only imagine of and with this landmark project, we are creating an address to aspire for”
“
Mr. Ro Shroff, Principal Architect, Callison Inc., Seattle – renowned
international architects and design consultants – said, “We worked on one
simple mission statement – Unitech
Grande embraces the cycle of
life as changes of seasons and events in life present constant movement in
every aspect of this contemporary architectural destination. Unitech Grande exemplifies how each of its features is interlinked and its
inherent kinetic nature offers the most unique and
original lifestyle experience”.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicte, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.